Reborn Coffee (REBN) said Wednesday it has acquired a 58% stake in South Korean chain Bbang Ssaem Bakery.
Financial terms were not disclosed.
The acquisition, which follows a recent memorandum of understanding between the two companies, will provide a base to enter South Korea's franchise sector, Reborn Coffee said.
Bbang Ssaem Bakery has 31 locations across South Korea and had trailing twelve months revenue of about $7 million through November, the company said.
Reborn Coffee shares were up 2.4% in recent trading.
Price: 1.73, Change: +0.01, Percent Change: +0.58
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